冉学东 据国家金融监督管理总局披露的数据，今年一季度，银行业的整体净息差为1.43%，而平均不良贷款率 是1.51%。净息差与不良贷款率出现了倒挂。 央行在2023年第二季度货币政策执行报告中强调，商业银行向实体经济发放贷款面临资本约束，化解风 险也要消耗资本，我国对商业银行资本充足率有明确的监管标准。我国商业银行净利润主要用于补充核 心一级资本以及向股东分红。而这几年，国内银行资本补充渠道少、难点多、进展慢，存在较大资本缺 口。由于目前A股上市银行的平均市净率（P/B）为0.58，通过发行普通股等外部渠道补充核心一级资本 能力较为有限。因此，在拓展外源资本补充渠道的同时，保持内源资本补充能力尤为重要，而维持一定 的利润增长是内源补充资本的重要方式。 因此，在净息差收窄的前提下，仅仅依靠存贷款利差维持利润增速已经不现实，必须寻找新的突破口。 近日，多家中小银行以及国有大行近期密集发出通知，对资信业务、银行卡年费、ATM取现等业务手 续费进行上调或新增收费，这其实就是商业经营战略上的调整。 另外，这几年债券市场处于牛市行情，许多银行加大了债券投资，盈利增速也相当可观。比如，招商银 行2024年实现投资收益298 ...

Core Viewpoint - The issuance market for secondary capital bonds and perpetual bonds (commonly referred to as "perpetual bonds") by commercial banks has shown a significant recovery in the second quarter compared to the first quarter, although the overall issuance volume and quantity have decreased year-on-year [1][2]. Summary by Relevant Sections Issuance Trends - As of June 3, 2023, a total of 34 perpetual bonds have been issued by commercial banks this year, amounting to 642.16 billion yuan, which represents a year-on-year decrease in both quantity and scale [2]. - In the second quarter, 25 perpetual bonds were issued, with a total issuance scale of 468.3 billion yuan, showing a significant increase from the first quarter [1][2]. Demand Differentiation - There is a noticeable differentiation in demand for perpetual bonds among different types of banks. State-owned large banks have reduced their reliance on perpetual bonds for capital supplementation, leading to a decline in issuance scale [1][3]. - In contrast, small and medium-sized banks are increasing their issuance of perpetual bonds due to lower financing costs, indicating a greater demand for capital supplementation [3]. Capital Adequacy Concerns - The capital adequacy ratios of small and medium-sized banks, such as city commercial banks and rural commercial banks, are under significant pressure, which is reflected in their increased issuance of perpetual bonds [3]. - Data from the National Financial Regulatory Administration shows that the capital adequacy ratios for city commercial banks, private banks, and rural commercial banks are lower compared to state-owned large banks and national joint-stock banks [3]. Regulatory Environment - Since 2025, the approved issuance quota for perpetual bonds has approached one trillion yuan, showing a significant increase compared to the previous year, with many approvals granted to small and medium-sized banks [4]. - The issuance structure is expected to diversify, with state-owned large banks likely to reduce their issuance scale, while national joint-stock banks and city commercial banks may see marginal increases [4].

证券研究报告 | 2025年05月22日 金融债研究系列 商业银行二级资本债、永续债面面观 专题报告 · 固定收益 0755-22940745 zhaojing@guosen.com.cn S0980513080004 证券分析师：赵婧 证券分析师：戴丹苗 0755-81982379 daidanmiao@guosen.com.cn S0980520040003 证券分析师：季家辉 021-61761056 jijiahui@guosen.com.cn S0980522010002 021-60375421 chenxiaonan@guosen.com.cn S0980524080001 证券分析师：陈笑楠 证券分析师：董德志 021-60933158 dongdz@guosen.com.cn S0980513100001 请务必阅读正文之后的免责声明及其项下所有内容 目录 01 商业银行二级资本债和永续债基本介绍 02 我国商业银行二级资本债基本概况 03 我国商业银行永续债基本概况 04 商业银行二级资本债、永续债收益率波动规律 05 投资展望 请务必阅读正文之后的免责声明及其项下所有内容 一、商业银行二 ...